Chainlink (LINK) is currently priced at $10.74, experiencing a notable decline of 6.72% over the past 24 hours. The daily trading range is relatively tight, with a high of $11.58 and a low of $10.69, indicating market consolidation but also a bearish sentiment.

Trading volume stands at approximately $698.32 million, representing 9.18% of its market cap, suggesting significant liquidity. However, the downward pressure is evident as the short-term moving averages are all trending below their longer counterparts, with the 8 SMA at $10.96 down 1.99%, indicating a bearish crossover.

The 1-hour RSI at 34 confirms that LINK is nearing oversold conditions, while the 7-day RSI at 40 suggests a continuing weak momentum in the near term. Furthermore, LINK has seen price drops of 11.84% over the past week and 22.11% over the past two weeks, reflecting a broader bearish trend that has persisted for over a month.

The cryptocurrency's all-time high of $52.70 from May 2021 remains significantly above the current price, highlighting a stark contrast to its present performance. The overall technical indicators suggest a lack of bullish momentum, with multiple moving averages indicating resistance levels that are yet to be breached.

Given the current bearish trend, declining RSI values, and the significant distance from its all-time high, the outlook for LINK is negative in the short term. Therefore, a Sell rating is warranted, as further declines appear likely until bullish momentum can be established.